Naira Strengthens Further Against Dollar in Parallel Market as Reserves Top $38 Billion

Nigeria’s currency, the naira, continued its upward momentum against the dollar in the parallel market on Monday. Data released by the National President of the Association of Bureau de Change Operators, Aminu Gwadebe, showed the naira appreciated to N1,605 per dollar, strengthening from N1,610 recorded last Friday. This marks a N5 day-to-day gain for the local currency.

However, at the official foreign exchange market, the naira recorded a slight decline. It traded at N1,599.95 to the dollar on Monday, a marginal drop of N0.41 compared to Friday’s closing rate of N1,599.54.

Over the weekend, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, highlighted positive developments in Nigeria’s external reserves. Speaking during the closing session of the 2025 IMF/World Bank Spring Meetings in Washington, D.C., Cardoso announced that the country’s foreign reserves had risen to over $38 billion, providing nearly ten months of import cover.

Last Friday, the naira had closed strongly in both the parallel and official markets, continuing a bullish trend that has extended into the new week.